Cox Enterprises has completed the sale of Cox Media Group to affiliates of Apollo Global Management, Inc. The sale includes Cox’s portfolio of television and radio stations, three Ohio newspapers, CoxReps and Gamut national advertising businesses.
“We could not have asked for a better partner than Apollo in this new phase for CMG,” said Alex Taylor, president and CEO of Cox Enterprises. “Together with the people that continue to make CMG the special company that it is, they’re in a perfect position for future success.”
Cox maintains a minority stake in the new company, which will include Northwest Broadcasting and will continue to operate under the name “Cox Media Group.”
“We are excited for our funds to acquire a majority interest in Cox Media Group and welcome the company into our broader Apollo portfolio,” said David Sambur, co-lead partner of private equity at Apollo. “We look forward to working with the teams to grow the businesses, while continuing to deliver a high quality of journalistic integrity and local news within in the communities the Company serves.”
The business assets involved with the transaction include:
Kim Guthrie will lead the new Cox Media Group as president and CEO, overseeing all content, sales and operations for CMG businesses. “I am truly honored to lead CMG into the future, during such an exciting time for our company,” Guthrie said. “We have a unique opportunity to continue to build on the foundation of our rich history, leverage our equity in the markets we serve and redefine CMG’s place in the media landscape. We look forward to this new partnership to drive future investment, innovation and growth.”
Guthrie is joined by an executive leadership team with deep and proven experience in the media industry:
